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Late Payment

Most charge and credit card bills list the date payments are due. If you miss the due date, the account is considered past due and you may be charged a late fee. Late payments are sometimes reflected on your credit report. If you have numerous late payments, it may be difficult to get additional credit.

Late Payment Fee

A fee charged for failing to submit the minimum payment by its due date.

Legal Judgment

A court verdict that requires a person to do something, such as pay a debt.

Legal Residence

Same as domicile.

Letter Of Administration

The formal document issued by a probate court to an administrator, giving the administrator the power to carry out his or her duties, such as taking control of the decedent's property.

Letters Of Testamentary

The formal document issued by a probate court to an executor, giving the executor the power to carry out his or her duties, such as taking control of the decedent's property.

Liability

Liability refers to the responsibility for charges to an account. Generally, a cardholder agrees to be liable for any charges to his or her account, including purchases, fees, and finance charges. If the cardholder allows someone else to make charges to his or her account (through, for example, an additional card), the cardholder is still responsible for paying the bill. Two people who apply for a card together may both be responsible for the entire balance. Your liability is described in the cardholder agreement you receive from the issuer. Be sure to read it carefully.

Liability Insurance

Protects the insured party from othersÔÇÖ claims of loss due to the insuredÔÇÖs alleged or actual negligence or improper actions.

Life Insurance

A contract whereby the insured pays premiums, and when the insured dies, an agreed-upon sum of money is paid to a beneficiary.

Lifestyle

The way people choose to live their lives, based on values they have chosen.